First of all, the hype of different blockchains has garnered attention. People who fall into the hype hasn’t learned about the financial literacy and the risks of investing into those.
When Axie Infinity became popular in my country, influencers have started promoting the game and so-called scholarship, which is to refer to a new player. Within a few months of playing, people lost money. Influencers haven’t spoken about the players losing money.
Remember, investment into such blockchains carries a risk. Those are called the digital Ponzi scheme by some people.
I AM NOT SHILLING CRYPTO IN ANY WAY OKAY THANK YOU
With that out of the way, those are not intrinsic qualities of either. The fundamentals on which every shitcoin and the bored ape garbage were sold to the public are still very strong. This is like saying “online shopping is horrible” in 2004 - technically not incorrect, but very shortsighted. While the proof of work protocol (mining for it to function and who mines more is the truth) is unsustainable, proof of stake (who holds more is the truth) and mixed ones are fundamentally amazing. Imagine stablecoins pegged to indexes of international currencies. BRICS coin, for example. With smart contracts (rules built into the transaction itself) and being practically legitimate international currencies it opens up so many possibilities. Transparency and easy comparisons in payments - salaries, rents, goods and services. Immutability - you can’t just whack a person and steal the deed to their house. The “chain” part of blockchain - clear history of ownership of assets, no more “I accidentally bought a stolen car/house”. And eventually the contracts can be made complex enough to cover most interpersonal transactions.
And the same thing for nfts. Especially now, in the rapidly exploding era of unethical AI art, music, etc. Artists could easily sell/lease rights for their work, including for it to be a basis for generative models. It’s not limited to digital products - whatever you want to to confirm ownership of can be tagged with one-way encrypted signatures baked into nfts.
So both are great technologies that can still be improved on a lot. But it’s just that the ways in which they’re used today are almost exclusively rugpull bubble dogshit.
I thought the same as you about the exciting technological fundamentals before realising that it was unfortunately also very overblown.
Basically Blockchain technology is a solution in search of a problem. It was invented by someone who was convinced that decentralised currency would realise the ancap utopia. In order make it mainstream, people have been trying very hard to find better use cases and it turns out that you always end up concluding that the centralised approach is always better.
Proof of stake could make the thing not too environmentally damaging but it’s been years that major blockchains are saying they will implement it the next year. And again, the use cases would remain weak in the end
There are other cryptographic mechanisms at play, which are amazingly interesting but it is not going to revolutionise the internet since it’s already being used everywhere (for example asymmetrical keys).
I gave a number of real life use cases where it would solve real problems. There are so many more, especially “boring” ones like official documents, research, and medical records that would benefit from it tremendously. Blockchain does not equal crypto, but they complement each other really well.
Proof of stake could make the thing not too environmentally damaging but it’s been years that major blockchains are saying they will implement it the next year
What do you mean, Ethereum is pos.
There are so many more, especially “boring” ones like official documents, research, and medical records
I doubt this. With crypto, the ledger needs to be repeated multiple multiple times, it’s incredibly wasteful. There’s no improvement over a central server.
What do you mean, Ethereum is pos.
I think it’s super dangerous to take the developers’ word on their product. Probably it’s literally POS, but I’m not gonna believe all the hype without a disinterested confirmation.
I think it’s super dangerous to take the developers’ word on their product. Probably it’s literally POS, but I’m not gonna believe all the hype without a disinterested confirmation.
If you believe a coin on the scale of Ethereum can lie about whether it’s proof of stake or work, you have no idea what you’re talking about.
Rule1: No capitalist apologia / anti-communism.
Rule 3: Be respectful. This is a safe space where all comrades should feel welcome; this includes a warning against uncritical sectarianism.
It’s capitalist apologia when I correct you on something? Give me a break.
I stand by my original tone, I stated that you have no idea what you’re talking about, which is true, without attacking you with names, expletives etc.
Defending a capitalist projects without evidence or justification is pretty much capitalist apologia.
If you believe a coin on the scale of Ethereum can lie about whether it’s proof of stake or work, you have no idea what you’re talking about.
I didn’t say that they lied about pos. I said it’s probably pos but we needn’t take them on they word about everything, and you’re continuing to insist I said that. And being “you have no idea what you’re talking about”.
